新型粘结剂：产品升级+国产替代双击的锂电新材料

Investment Rating - The industry investment rating is "Positive" [9] Core Insights - The report focuses on the new type of binder for lithium batteries, highlighting the dual impact of product upgrades and domestic substitution in lithium battery materials [4][5] - Binders are essential additives in lithium batteries, influencing capacity, internal resistance, cycle life, and safety [12][18] - PAA (Polyacrylic Acid) is identified as a leading new water-based binder, showing advantages in fast charging and long cycle trends, with expected increased penetration in the market [5][15][25] Summary by Sections Binders: Essential Additives for Lithium Batteries - Binders are high molecular compounds used in the preparation of positive and negative electrode sheets and separator coatings in lithium batteries [12][4] - They enhance the contact between active materials, conductive agents, and current collectors, stabilizing the structure of electrode sheets [12][4] PAA: Performance Advantages - PAA exhibits superior adhesion, lower usage, and better performance compared to the traditional SBR+CMC system [15][5] - PAA's advantages include a linear structure with strong binding capabilities, the ability to form stable compounds with metal ions, and reduced additive ratios in negative electrodes [6][15] Supply: SBR Dominates Imports, PAA Rising in Domestic Market - Currently, the supply of negative binders is primarily from overseas companies, with significant players including Japan's A&L and JSR [27][7] - Domestic companies like Yindile and Shanghai Daowin are emerging as strong competitors, with Yindile achieving a revenue of 499 million yuan and a net profit of 160 million yuan in 2023 [7][35]